In the age of online banking, why do banks still require a call for you to cancel your credit card?
The short answer: Credit card companies don’t want to lose you, and so they make it difficult to cut ties.
When you call, a representative will bend over backward to convince you to stay, which means you’ll need to dig in your heels.
Is it possible to cancel your card online?
No, Capital One doesn’t allow you to cancel your credit card online. To cancel, call 1-800-227-4825.
What you can expect when calling to cancel your card
Calling to cancel your card won’t likely be quick. A representative may ask you keep your card open, potentially dangling enticing perks to persuade you to stay a customer. And you could be transferred to the bank’s customer retention division for a harder sell.
Have a game plan
Before you call, decide whether you definitely want to close your account. Could you be enticed with perks or a lower APR?
If you’re canceling your card to thwart financial trouble, consider sticking to no — no matter what you’re enticed with to stay.
Will canceling my Capital One credit card affect my credit score?
It could. Credit bureaus determine your creditworthiness by looking at factors beyond your payment history and the age of your credit. They also look at how much credit is available to you compared to how much you’re using — called your credit utilization ratio.
Closing a credit card with a high spending limit can increase your ratio. And as far as potential creditors or lenders are concerned, the higher the ratio, the higher the risk in taking you on as a borrower.
How does a credit utilization ratio affect my score?
After you’ve canceled your credit card over the phone
After you hang up the phone, send a letter to Capital One reiterating your cancellation request.
Include your credit card number and account number, sign it and send it to:
Attn: General Correspondence
PO Box 30285
Salt Lake City, UT 84130-0287
For additional steps to take after your call, read our guide to canceling your credit card.